China stocks eked out a modest gain on the week thanks to a late Friday liftathon ahead of this weekend's uncertainty...

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But Shanghai Composite closed down on the month (2nd month lower in a row).

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European markets were oddly quiet all week aside from the buying panic at the open on Monday...(but Italy handily outperformed).

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But on the month, a mixed bag with Italy and Spain green and the rest of the majors red...

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US equities soared on the week, with Nasdaq up 5.6% leading - the best week since Dec 2011...

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Trannies soared in November and thanks to the last few days of Powell and Trade hope, stocks were rescued from another ugly month...

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On the day, equity moves were dominated by optimistic headlines from Buenos Aires from both Trump and Xi sources...

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Best week for S&P since Dec 2011 and barely managed to get above its 50DMA...

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November was all about two big short-squeezes...

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Goldman Sachs plunged again today to fresh 2-year lows, erasing all post-Trump gains - worst month since Sept 2011.

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FANG Stocks closed lower for the 3rd month in a row...(longest losing streak since Feb 2016)... despite panic-buying this last week...best week since January.

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Credit markets tumbled for the 2nd month in a row - the worst 2-month drop since Jan 2016 for HY and IG (wider for 4 straight months). IG Credit compressed 5bps this week - best week since June (and HY CDX biggest weekly spread compression since February).

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Bonds and Stocks were bid in the last hour today...

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Extending their divergence post-Powell...

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On the week, 2s and 30s are unchanged with the belly lower in yield...

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Treasury yields tumbled in November - 10Y yields dropped over 13bps - the biggest monthly drop since Aug 2017.

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10Y Yields closed the week with a 3.00% handle...

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The short-end of the UST yield curve collapsed in November (biggest flattening since March)...7th flatter month in the last 9 (note that the curve accelerated its flattening post 10/17 FOMC Mins from Sept, and after the 11/08 FOMC statement)...

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with 2s5s almost inverted...

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Nobody seems to see recession as a plausibility for 2019. Even the bears say it's 2020. Yet -- one part of the bond curve (2s/5s) is within 3 bps of inverting, suggesting it could come sooner, not later. pic.twitter.com/dUXgQgp3v7

— David Rosenberg (@EconguyRosie) November 30, 2018

The dollar index ended the month practically unchanged (hovering at its highest since May 2017).

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It was a serious rollercoaster ride of a week as Powell's dovishness pummeled the dollar and pre-G20 trade chatter seemed to spark buying...

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Bitcoin was down for the 5th week in a row but the 37% collapse in November is the worst month since August 2011 (Bitcoin Cash fell 60% on the month as it forked).

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With Bitcoin back below $4000 to end the week...

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Copper and Gold managed gains on the month, silver small losses, but crude collapsed...

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Gold managed to close higher for the 2nd month in a row.

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But was unchanged against the yuan...

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But WTI collapsed to its worst month since 2008...

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Blowing back below $50 again today before spurious old news OPEC headlines sparked another ramp...

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As it seems 5 Oz of Silver for a barrel of WTI Crude was just too much again...

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Finally, we note that rate-hike expectations for 2019 have now collapsed to less than one!! just 22.25bps for the year (The Fed is still at 3 or 4 hikes)...

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And as Gluskin Sheff's David Rosenberg notes, this hypersensitive market is anything but healthy...

But a market that is so hitched to every word or nuance a central bank official has to say cannot possibly be viewed as a particularly healthy one.

— David Rosenberg (@EconguyRosie) November 29, 2018